Michael Dupey founded Michael’s when he converted one of his father’s Ben Franklin stores into an arts and crafts store in 1973. This first store became a part of Dupey Enterprises, Inc., the Dupey family business run by Michael’s father, Jim Dupey, and the predecessor to Michael’s Stores, Inc.
In 1983 Micheal’s 11 stores were acquired by Peoples Restaurants, and one year later was spun-off as a publicly traded company, with shares trading on the NASDAQ.
After the IPO, Michael’s quickly acquired two chains of arts and crafts stores, making Michael’s national.
During the 1990’s Michael’s stuck to its goal of rapid expansion throughout the United States, and achieved a growth rate of 15%.
In 2006 two private equity groups, Bain Capital and Blackstone Group, purchased the company for $6 billion.
Craft stores have tried to stay open during the coronavirus quarantine periods, including Michael’s, Hobby Lobby, and JoAnn’s Fabrics.
Today there are 1,040 Michael’s stores in 49 U.S. states and Canada. The company owns and operates the Aaron Brothers chain, with 140 stores. Michael’s produces ten brands: Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist’s Loft, Craft Smart, and Loops & Threads. Michael’s has 44,000 employees and had $5.072 billion in revenue in 2019.
Michael’s maintains its corporate office in Irving, Texas.